Almandin has been installed as a $17 chance to claim back-to-back wins in the Melbourne Cup following his victory in the 2016 race that stops a nation.

The former German galloper carried the colours of owner Lloyd Williams to victory at Flemington in the 2016 Melbourne Cup when holding off Heartbreak City in a thrilling finish.

And online bookmaker Sportsbet has installed Almandin as the $17 outright favourite for the 2017 Melbourne Cup having started at $11 for this year’s Cup.

The 2016 favourite Hartnell, who finished third, has opened on the second line of betting at $21 alongside Sir Isaac Newton and Red Cardinal, who failed to make quarantine for this year’s Cup.

Manatee, Exospheric, Jameka, Oceanographer, Antonio Giuseppe and Yankee Rose are next at $26, with Big Orange, Bondi Beach and Who Shot Thebarman priced at $34.

"Almandin has been installed as the outright favourite for next year’s Cup but will face a new set of challenges from the likes of Red Cardinal who, after running an unlucky second in the Group 1 Preis von Europa, is primed for a tilt at the biggest prize in Australian racing in 2017," said sportsbet.com.au’s Ben Bulmer.